Prepare the necessary entries to clear the intangible assets

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Reference no: EM1314073

Amortization of Intangible assets.

Rolando Marshall Company, organized in 2006, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2007.

1/2/2007	Purchased patent (8-year life)	$350,000
4/1/2007	Purchased goodwill (indefinite life)	360,000
7/1/2007	Purchased franchise with 10-year life; exp. Date 7/1/17	450,000
8/1/2007	Payment of copyright (5-year life)	156,000
9/1/2007	Research and development costs	215,000

Prepare the necessary entries to clear the Intangible Assets account and to set up separate accounts For distinct types of intangibles. Make the entries as of December 31, 2007, recording any necessary Amortization and reflecting all balances accurately as of that date. (Use straight-line amortization)

Reference no: EM1314073

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